Dear Mr Doab,
It is all to easy to sit on a high horse, quote platitudes such as zero tollerance, and say that IRDA regulations should be water tight, You forget the committees of IRDA are full of sinners not saints as Mr ramados found to his cost. the Rules are created by the rule breakers???? Before implementation they are by passed? Too many rules only lead to too many by passes, sorry I am catching your sound bite, platitude Problem. There were many issues raised in my post, and you seem to adress few, can you explain how the whole non life market continued in profit despite premium rate reductions of 60-70% Do you know how many major claims, are reported but not settled after 5 years? I think solvency is an issue, if policies of this size are issued without proposal forms, do you actually believe the accounts???? Mr Doab, what is to be done, dont quote politically correct platitudes now, lets talk sensible action. The surveyors i believe are conduit of all that is bad in the industry, and their too cozy relationship with insurers needs to be Broken, instructions should be given by rotation surveys reports marked and rated by insurers, with independant review of insurers marks and reviews. this should be published. insurers should be made to address all claims even those it has consigned to the endless legal system Irda should punish surveyors to the tune of 10% of settlement per month of delay, lets see the efficiency of settlement then? IRDA needs to use its teeth not just pay lip service to the statute makers, Mr Doab your early reply will be of interest
Kindest Regards
Philip Millar
